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ITV climbs on Liberum note
ITV shares, which are down more than four per cent this year on advertising spend and regulatory worries, climbed 2.5 per cent yesterday as Liberum Capital said the broadcaster’s share price fall is overdone. “Even on a double-dip scenario analysis lasting into the Olympic year of 2012, the shares would still offer over 10 per cent upside from current levels without further self-help,” noted Liberum analyst Ian Whittaker. He added that ITV’s balance sheet gives it the option to return significant levels of cash to shareholders, giving double-digit earnings accretion.